---
schema_version: "secwatch.filing_event.v1"
accession: "0000314808-24-000059"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2024-05-02T23:59:59+00:00"
generated_at: "2026-06-03T01:01:25.892883+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Valaris Q1 net income $26M, revenue $525M; contract backlog tops $4.0B, up 43% YoY

## Summary
- Net income $26M, revenue $525M (up 9% QoQ); fleetwide revenue efficiency 97%.
- Adjusted EBITDA $54M, Adjusted EBITDAR $84M; net income down vs Q4 due to $790M tax benefit in prior quarter.
- New contracts/extensions with backlog >$520M; total backlog >$4.0B, 6th consecutive quarterly increase.
- Floaters segment revenue $324M (+23% QoQ) driven by VALARIS DS-8 reactivation; jackup revenue down 15% due to idle time for contract prep.
- Capital expenditures $151M; cash $509M; company plans to return all future free cash flow to shareholders.

## SEC filing metadata
- accession: 0000314808-24-000059
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2024-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000031480824000059/0000314808-24-000059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000031480824000059/val-20240501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000314808-24-000059
- JSON: https://secwatch.observer/filing/0000314808-24-000059.json
- Plain text: https://secwatch.observer/filing/0000314808-24-000059.txt

## Key facts
- Earnings Releases
  Valaris Ltd reported first quarter 2024 results: revenue $525 million, net income $26 million.
  - Period: first quarter 2024
  - Revenue: $525 million
  - Net income: $26 million
  - Result: reported results
  source text: quarter, partially offset by more operating days for the floater fleet. Adjusted EBITDAR decreased to $84 million from $96 million in the fourth quarter. Revenues increased to $525 million from $484 million in the fourth quarter 2023. Excluding reimbursable items, revenues increased to $491 million from $453 million in the fourth quarter primarily due to VALARIS
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000031480824000059/0000314808-24-000059-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.